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Describe benefit and cost externalities. List the reasons for lack of optimal allocation of resources in each case. Explain the need for government intervention in case of market failure due to extern
Three machines are employed in an isolated area. They each produce 2,000 units of output per month, the first requiring $20,000 in raw materials, the second $25,000, and the third $28,000.
Using the above data, determine GDP by both the expenditures and the income approaches. Then determine NDP.
Ethanol can be produced from various crops, with corn as the usual production supply in the United States. General Motors promotes their flexible-fuel vehicles (FFVs) that are capable of burning eit
One of the major concerns of managers and managerial economics is the demand for a company's product. Many factors influence the demand curve for a product, and they all must be included, to some de
What are the average product of labor (L) and the average product of machines (K) when the input mix is the one given above? Clearly and concisely, please explain how you would interpret these numbe
a. What is the marginal product of labor function, MPL? b. What is the average product of labor function, APL? c. What is the value of L that maximizes Q?
A home healthcare care company purchases a van for home visits for $60,000. The van depreciates $15,000 a year. What will the book value of the van be in 1 year? In 2 years? How many years will it b
Q1. Does the production function exhibit constant, increasing or decreasing returns to scale? Why? Q2. Based on your answer to part (a), does the firm has a long run profit maximizing plan?
For 2011, calculate Jackson's tax depreciation deduction for Equipment 1 and Equipment 2, and determine the tax loss on the sale of Equipment 1.
Guthrie Enterprises needs someone to supply it with 230,000 cartons of machine screws per year to support its manufacturing needs over the next five years, and you've decided to bid on the contract.
Research the economic costs involved in conducting a break-even analysis for a good or service of your choice. Assess the factors involved in conducting a break-even analysis.
What is a leading export for Christmas Island? What types of products does it import? How are these related to the relative abundance of factors of production?
In the Heckscher-Ohlin model, the production possibilities frontier is bowed outward due to which of the following?
What is the difference between the short-run and the long-run for a perfectly competitive firm in terms of costs and profits? Explain why a perfectly competitive firm may continue to operate in the
Write down your understanding of 'How The Economic Machine Works' and make sure to support it with your real life experience.
What is Marxism? How is it similar as well as different from Socialism? Illustrate and explain the effects of Marxism worldwide in both the past and present.
Bliss v. Attorney General of Canada was a Canadian Bill of Rights case. Stella Bliss’ claim for maternity benefits (under the former Unemployment Insurance Act) as a form of “equality be
Q1) Why does capital not appear in the production function? Q2) Derive the short-run labor demand curve. (simply plug numbers in to approximate)
With paperback demand given by P = 15 - .5Q, the chain enjoyed sales of Q = 12 thousand books per week. (Note Q is measured in thousands of books.) Draw the demand curve and compute the bookstore&rs
In the purely competitive long-run equilibrium, P = minimum ATC = MC. Of what significance for economic efficiency is the equality of P and Minimum ATC? Of what significance is the equality of P and
On occasion, the US government steps in and issues a tariff on a particular product or raw material being imported into the US. This in turn causes the price of that product to rise.
You are a manager in a perfectly competitive market. The price in your market is $14. Your total cost curve is C(Q) = 10 + 4Q + 0.5 Q^2. What price should you charge in the short-run?
Problem: Why will a firm in a perfectly competitive industry choose not to charge a price either above or below the market price?
Firms who are attempting to engage in price discrimination will offer customers with a ______demand a higher price and customers with a (an) _______ demand a lower price.